Daily Spot
A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.
Today’s Highlight Crude Oil’s relative calm compared to other market Sunday night and Monday morning suggest that it cannot attract new selling sponsorship. So, it should outperform on any whiff of commodities rallying.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
The rally extended higher initially Monday, but eventually retraced to unchanged. Sellers gained no traction, and the open’s gap up above was left outstanding, so no sell signal was created or triggered.
Eurodollar Sep Contract (EC, ETF: (FXE))
The decline extended lower initially Monday, but eventually retraced to unchanged. Buyers gained no traction, and the open’s gap down below was left outstanding, so no buy signal was created or triggered.
Gold Aug Contract (GC, ETF: (GLD))
Overnight highs testing 1300.00 were reversed into negative territory before Monday’s open, eventually testing 1275.00, as the wide volatility in this area becomes more entrenched.
Silver Jul Contract (SI, ETF: (SLV))
The decline’s 19.37 target was retested Monday, and produced a shallower bounce than last week. There remains potential for probing fresh lows down to 18.88-19.00.
30-year Treasury Sep Contract (US, ETF: (TLT))
The drop extended down sharply overnight to test and retest the 133-24 target, which was later probed down to 133-04. It was all recovered, filling the gap back to Friday’s 135-01 close. Its resistance held through the close, and the gap back down to Monday’s 133-12 open remains outstanding to attract price down before a durable bottom can form.
Crude Oil Aug Contract (CL, ETF: (USO))
Monday morning’s intraday weakness held Friday’s ~93.15 lows after recovering from under 92.70 overnight. Ranging narrowly through the noon hour produced a bounce to 95.60, attacking the 96.00 buy signal. The rally should extend higher without much delay if a new downleg will be avoided.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Monday’s downtrending session filled the gap back to the prior Friday’s 2.76 close, neutralizing its attraction below. Recovering to close positive after probing fresh lows intraday Tuesday would help to form a bottom.
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